BULGARIA'S FIRST INVESTMENT BANK TO UNDERGO MANAGEMENT RESHUFFLE

Bulgaria's First Investment Bank (FIbank) will put to vote at at its general shareholders' meeting on October 24 2011 changes in the bank's management structure, the invitation for the assembly, published on the Bulgarian Stock Exchange's website, shows.

As part of the reshuffle, which would take effect from January 24 2012, the bank's current executive director Maya Georgieva will leave her post to become a member of the supervisory board. The bank will also let go three supervisory board members, namely Todor Breshkov, Nedelcho Nedelchev and Kaloyan Ninov.

Apart from Maya Georgieva, Evgeni Loukanov and Yordan Skorchev, two other top executives at the bank, will also become supervisory board members. Their positions will be most likely taken up by Fibank's current deputies Vassil Hristov, Dimitar Kostov and Svetoslav Moldovanski.

Georgieva, Loukanov and Skorchev have been cleared by the Bulgarian National Bank (BNB) to assume their new roles.

The shareholders will also vote on changes in the bank's by-laws, which will make it easier for the supervisory board to approve bond issues and other securities, including subordinated debt and equity-debt instruments worth up to two billion leva or the equivalent in another currency.